Global Index Briefing: EMU MSCI Sectors May, 1 Dr. Ed Yardeni 1-- eyardeni@ Joe Abbott -- jabbott@ Mali Quintana --1 aquintana@ Please visit our sites at blog. thinking outside the box
Table Of Contents Table Of Contents EMU Sectors Stock Price Indexes EMU Sectors Versus -Dma EMU Sectors Forward Earnings EMU Sectors Forward Revenues EMU Sectors Forward Profit Margin EMU Sectors Forward P/Es EMU Sectors Relative Forward P/Es EMU Sectors Market Cap & Earnings Shares EMU Sectors Net Earnings Revisions Index 11 EMU Sectors STRG vs STEG vs LTEG May, 1 / Global Index Briefing: EMU MSCI Sectors
EMU Sectors Stock Price Indexes Figure 1. EMU MSCI* 1 -day moving average 1 1 1 1 1 1 1 1 1 1 1 -day moving average * EMU MSCI price indexes in euros on ratio scales. Source: MSCI and Haver Analytics. Page / May, 1 / Global Index Briefing: EMU MSCI Sectors
- - - - - - - - - - - - - - - - - - Figure. EMU MSCI* (price index as percentage of -day moving average) % from -dma (1.) (.) (-1.) (1.) EMU Sectors Versus -Dma (-1.) (-.) (.) (.) (.) (.) TELECOMMUNICATIONS SERVICES (-.) (.1) - - - - - - - - - - - - - - - - - - Source: MSCI and Haver Analytics. Page / May, 1 / Global Index Briefing: EMU MSCI Sectors
Figure. EMU MSCI* (Forward earnings) EMU Sectors Forward Earnings Annual Forward** 1 1 1 1 11 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 * Ratio scale. ** Time-weighted average of the consensus estimates for current and next year. Source: MSCI and Thomson Reuters I/B/E/S. Page / May, 1 / Global Index Briefing: EMU MSCI Sectors
Figure. EMU MSCI* (Forward revenues) Annual Forward** EMU Sectors Forward Revenues 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 * Ratio scale. ** Time-weighted average of the consensus estimates for current and next year. Source: MSCI and Thomson Reuters I/B/E/S. Page / May, 1 / Global Index Briefing: EMU MSCI Sectors
11 Figure. EMU MSCI (Forward profit margin) Annual Forward* (.) 1 1 (.) EMU Sectors Forward Profit Margin 1 (.) (.) 1 1 (.) 1 (.) 1 1 1 1 (.) 1 (.) 1 1 1 (.) 1 (.) 1 (.) 1 (.) 1 11 11 * Time-weighted average of the consensus estimates for current and next year. Source: MSCI and Thomson Reuters I/B/E/S. Page / May, 1 / Global Index Briefing: EMU MSCI Sectors
EMU Sectors Forward P/Es Figure. EMU MSCI (Forward P/Es) (.) (1.) (11.) (.) (.) (1.) 1 1 1 1 1 (1.) (.) (1.) TELECOMMUNICATIONS SERVICES (1.) 1 (.) (1.) 1 1 Source: MSCI and Haver Analytics. Page / May, 1 / Global Index Briefing: EMU MSCI Sectors
1. 1.1 Figure. EMU MSCI (Relative forward P/Es*) EMU Sectors Relative Forward P/Es 1. 1. 1.. 1. 1.1... 1. (.) (1.1) 1.... 1. 1. 1.. (.) (1.) 1. 1. 1. 1.. 1. 1. 1. 1.. 1. 1. 1.. (1.) (.) (1.1) (1.). 1. 1. 1. 1.... 1. 1. 1. 1.. 1.... (.) TELECOMMUNICATIONS SERVICES (.). 1. 1. 1. 1... 1. 1. 1. 1... (1.) (1.). 1. 1. 1. 1.. * MSCI EMU relative to MSCI World, sectors are relative to MSCI EMU. Source: MSCI and Haver Analytics. Page / May, 1 / Global Index Briefing: EMU MSCI Sectors
1 1 1 1 1 1 Figure. EMU MSCI (trillion euros) Total Capitalization (.) Total Forward Earnings (.) (1.) (.) (.) (.) (.) (.1) EMU Sectors Market Cap & Earnings Shares (.) (.) (.) (.) * Using consensus -month forward earnings forecasts. Source: Thomson Reuters I/B/E/S......1. (percent for sectors) Market cap share (.1) Earnings share (1.) (.) (.) (.) (.) (1.) (1.) (.) (.1) (.) (.) 1 1.. 1. 1... 1 Page / May, 1 / Global Index Briefing: EMU MSCI Sectors
- - - Figure. EMU MSCI Net Earnings Revisions Index* NERI (-.) 1 11 1 1 (-.) EMU Sectors Net Earnings Revisions Index 1 11 1 1 - - (-.) - 1 11 1 1 (-.) 1 11 1 1 - - - - - - - - - - (-.) 1 11 1 1 (.) 1 11 1 1 - - - - - - - - - (.) 1 11 1 1 (-1.) 1 11 1 1 (-.) 1 11 1 1 (-.) 1 11 1 1 - - - - - - - - - (-.) 1 11 1 1 (-.) 1 11 1 1 - - * Three-month moving average of the number of estimates up less number of estimates down, expressed as a percentage of the total number of estimates. Source: Thomson Reuters I/B/E/S. Page 11 / May, 1 / Global Index Briefing: EMU MSCI Sectors
- - - - - - - - - - Figure. EMU MSCI (percent) STRG* (.) STEG* (.) LTEG* (.) capped at % (.1) (.) (.) (1.) (.) (.1) (.) (11.) (.) capped at % (1.) (11.) (.) EMU Sectors STRG vs STEG vs LTEG (.) (.) (.) (.) (.) (.) capped at % (.) (.) (1.) STEG capped at % (.) (.) (.) Capped at % (.) (.) (.) (.1) (.) (11.) * STRG: -month forward consensus expected revenue growth. STEG: -month forward consensus expected earnings growth. LTEG: -year forward consensus expected earnings growth. Source: Thomson Reuters I/B/E/S. (1.) (.) (.) - - - - - - - - - - - - Page / May, 1 / Global Index Briefing: EMU MSCI Sectors
Copyright (c) 1. All rights reserved. The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness, or correctness of the information and opinions contained herein. The views and the other information provided are subject to change without notice. All reports posted on, blog., http://blog. and YRI s Apps for ipads and iphones are issued without regard to the specific investment objectives, financial situation, or particular needs of any specific recipient and are not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not necessarily a guide to future results. Company fundamentals and earnings may be mentioned occasionally, but should not be construed as a recommendation to buy, sell, or hold the company s stock. Predictions, forecasts, and estimates for any and all markets should not be construed as recommendations to buy, sell, or hold any security--including mutual funds, futures contracts, and exchange traded funds, or any similar instruments. The text, images, and other materials contained or displayed on any product, service, report, email or website are proprietary to and constitute valuable intellectual property. No material from any part of, blog., http://blog. and YRI s Apps for ipads and iphones may be downloaded, transmitted, broadcast, transferred, assigned, reproduced or in any other way used or otherwise disseminated in any form to any person or entity, without the explicit written consent of All unauthorized reproduction or other use of material from Yardeni Research, Inc. shall be deemed willful infringement(s) of this copyright and other proprietary and intellectual property rights, including but not limited to, rights of privacy. Yardeni Research, Inc. expressly reserves all rights in connection with its intellectual property, including without limitation the right to block the transfer of its products and services and/or to track usage thereof, through electronic tracking technology, and all other lawful means, now known or hereafter devised. reserves the right, without further notice, to pursue to the fullest extent allowed by the law any and all criminal and civil remedies for the violation of its rights. The recipient should check any email and any attachments for the presence of viruses. accepts no liability for any damage caused by any virus transmitted by this company s emails, website, blog and Apps. Additional information available on request. requests@